Macquarie buys Taiwan TV business for $1.3bn

SYDNEY - Macquarie Bank Ltd said today it had bought the Carlyle Group's interest in cable television operation Taiwan Broadband Communications (TBC) for A$1.189 billion ($1.3 billion).

Macquarie, Australia's largest investment bank, said it would take a 40 per cent equity stake in TBC for around A$274 million with its recently listed Macquarie Media Group taking a 60 per cent equity stake. The balance will be funded by debt.

The deal would mark the latest in a string of transactions by Australia's largest investment bank and follows its 1.5 billion pound ($3.88 billion) offer last week for the London Stock Exchange .

Macquarie Bank shares closed at A$67.30 on Friday while Macquarie Media Group shares closed at A$2.68.

- REUTERS